Brandes Investment Partners LP Raises Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Brandes Investment Partners LP increased its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 49.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 532,226 shares of the software maker's stock after buying an additional 175,020 shares during the quarter. Brandes Investment Partners LP owned 0.20% of Open Text worth $22,364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in OTEX. Pacifica Partners Inc. purchased a new position in shares of Open Text in the fourth quarter worth $32,000. Allworth Financial LP increased its stake in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker's stock worth $34,000 after buying an additional 533 shares during the period. Assetmark Inc. purchased a new position in shares of Open Text in the fourth quarter worth $48,000. Cigna Investments Inc. New purchased a new position in Open Text during the 4th quarter valued at $211,000. Finally, Mosaic Family Wealth Partners LLC purchased a new position in Open Text during the 4th quarter valued at $213,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Performance

Open Text stock traded up $0.65 during midday trading on Monday, hitting $31.13. The stock had a trading volume of 437,032 shares, compared to its average volume of 666,641. Open Text Co. has a 52-week low of $28.19 and a 52-week high of $45.47. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The company has a market capitalization of $8.49 billion, a PE ratio of 50.21 and a beta of 1.11. The firm's fifty day moving average is $35.69 and its two-hundred day moving average is $38.58.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be given a dividend of $0.435 per share. This is an increase from Open Text's previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend is Friday, May 31st. Open Text's dividend payout ratio is currently 161.29%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. CIBC reduced their price objective on shares of Open Text from $44.00 to $38.50 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Barclays reduced their price objective on shares of Open Text from $44.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Friday, May 3rd. Citigroup reduced their price objective on shares of Open Text from $42.00 to $37.00 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Jefferies Financial Group dropped their target price on shares of Open Text from $45.00 to $42.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, May 11th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Open Text currently has a consensus rating of "Moderate Buy" and an average price target of $42.25.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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